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Thinking of trading EURCAD?

    1. By simply following economic calendars you can find an important amount of information regarding events that will influence the price of the CAD. For example, the release of oil inventories, in which higher inventories indicate a drop in oil prices, would automatically mean that the EUR/CAD will also drop. Another event worth checking out would be the OPEC meetings and of course, interest rate changes on both sides of the pair. 2. Unlike the EU, USA and Australia, Canada has only one index (Ivey PMI). The release of this index is basically a direct representation of the Canadian economy.
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As the AUD, the Canadian dollar substituted the Canadian pound. This changed was rolled out in the 1850s while the Euro was officially introduced at the end of the 20th century. The CAD is known as the loonie (as a bird named look is featured in Canada's one-dollar coin) but unlike the USD/CAD, the pair that features the euro does not take that nickname.The pair started trading in the 1990s and since then it has seen very cyclical movements. Its highest price was 3 years after it was introduced trading at 2. 05810 in May 1995, its lowest point was in July 2012 when its price dropped to 1.22703. The Canadian dollar used to be pegged to the USD but since 1970, it has been a free-floating currency controlled by the Bank of Canada. Due to Canada's large oil industry, a correlations worth noticing when trading the pair is the relationship with commodities such as Oil.

1. Trading the pairs that involve the CAD is not an easy task. Canada is a major commodity exporter would traders need to see that the fact that many commodities are priced in USD adds a layer to the pair's complexity. When you weigh in the changes in exports and imports, prices of petroleum, wheat, barley etc, do not forget to also have in mind how they directly affect the USD. 2. Due to its physical proximity to Canada, the US has been an important player in Canada's export economy as it takes ¾ of Canada's goods and they are the main supplier of energy, including oil and gas. Hence, Donald Trump's proposed renegotiations of NAFTA are something to look out for.